Constructing A Plan For Long-Term Business Success
Nouriel Gino Yazdinian is the CEO of NY Elizabeth, a luxury online auction house with offices in the United States and United Kingdom.
The consistent, long-term success of a company hedges on a number of components that factor into the success or failure of a startup looking to reach the next level. Above everything else, the most underrated form of capital that you will ever possess is your mind and sheer willpower.
As the CEO of NY Elizabeth, I have been able to be methodic and apply laser focus in order to realize the success that we have achieved today. But initially, I was armed only with a dream and a few wishful goals that were designed to take me five years into the future. Every step of the way, I found I had to reconfigure expectations and execute in unforeseen ways in order to properly set the direction of the business and utilize short-term objectives to achieve long-term goals. To get to where I am today, I had to have a goal in mind, and I used some methods that can also help others succeed long term.
Your primary focus should be on clients.
Offering customers the best solutions that are tailored to their specific needs is one of the best ways to ensure growth. Satisfied customers are more likely to remain loyal and bring a business repeat business as well as invaluable word-of-mouth marketing that generates revenue in the long term. My primary objective is to always provide quality customer support and utilize effective data that breaks down exactly what our customers need and pinpoint areas where we can improve the services we extend to our clients. In my experience, placing customers first impacts every area of the business and creates an environment that is inviting and easier to lay a foundation to build upon in the future.
Never be afraid to expand into new opportunities.
The plan I initially had in mind served as a blueprint for the future, and by using the economic resources available to me as well as the advice of those that came before me, I was able to quickly ascend to the next level by staying true to my vision while also keeping an eye on future trends that have impacted the art world. As one of their primary missions, an entrepreneur should always be broadening the scope and scale of their products and services over time in ways that play to the core strengths of the company.
Be willing to take the plunge toward a new demographic.
What you offer your clients today may not be what they want in the future, and who your clients are today may not be the best type of client for your company in the future. Any business that wishes to succeed long term must recognize this and act accordingly in order to alleviate any problems as the business ages. For example, the art industry has traditionally been regarded as a place for only the rich and older generations, but at NY Elizabeth, we tapped into younger generations that want to invest in art, presenting them with the opportunity in an industry that has by and large been denied to them. A firm marketing plan that researched their desires enabled us access to this growing market in ways that will benefit us in the future as the world moves toward a more digitized business model.
Put a winning team in place.
No successful business ever makes it on the strength of just one person. A bonafide team that can meet the demands of the industry is what it takes to make a long-term run that reaps the rewards of diligence. It is crucial to assemble a team capable of handling the influx of business at the level expected for true growth and expansion. Depending on the nature of the company, a specialized development and employee onboarding program may be necessary in order to fulfill the needs of consumers.
Never fear the advent of new technology.
With my previous career in tech, I have always been a huge proponent of advocating for the incorporation of whatever programs that can enhance and expand my business and take it to the next level. Businesses that lack the proper technology are doomed before they even really get started, and in the best-case scenario, their capacity to reach the intended audience is limited. There is no reason in the current era to settle for diminished returns with so much useful technology at your fingertips.
Maintain or increase profit margins steadily over time.
Of course, every business wants to be successful and report increases in revenue, and it is crucial that the profit margin of your business remain stable or increase incrementally in order to be deemed a success. The long-term goal of an entity should be maintaining the margin with profit goals as a part of intricate financial planning. Incremental increases allow businesses to ramp up productivity along with motivating the entire team to strive for bigger and better goals to reach.
There is no shame in starting small.
The adage “go big or go home” is not one that business owners should necessarily ascribe to as it is not always as simple as that for many companies. No matter what your particular goals may be or their magnitude, the fact is that starting up any initiative is empowering, and the right ingredients in place can lead to success.
Ask yourself some key questions.
Imagine and plan now for the future success of your business and be prepared to ask yourself the questions that will enable you to achieve what you envision.
• Where would you like to see yourself in five years? Ten years?
• What policies are you setting in place to realize your vision?
• How are you creating solutions for tomorrow’s issues facing your industry?
• What steps are being executed to stay connected to your client base?
• How do you feel about the future of your business, both personally and professionally?
Ultimately, your long-term goals now are the early building blocks to creating a successful plan that yields the results you desire.
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